CREIT Partners with NADG and Gibralt Capital

Closing Date: Aug 15, 2007 lexpert

On August 15, 2007, Canadian Real Estate Investment Trust (CREIT) acquired from North American Development Group (North American) and Gibralt Capital Corporation (Gibralt) an effective 50 per cent undivided interest in Dartmouth Crossing Shopping Centre, located in Dartmouth, Nova Scotia for approximately $135 million. Upon full development, Dartmouth Crossing will be the largest shopping centre in Atlantic Canada comprising approximately 1.5 million square feet of retail/commercial space.

North American and Gibralt were represented by Stikeman Elliott LLP of Toronto, with a team composed of Eric Carmona and Melissa Schyven (real estate), Maninder Malli (corporate) and Paul Collins (competition); North American tax and corporate advice was provided by Bennett Jones LLP with a team that included Cosimo Fiorenza, Bernard Morris, Lindsey Hutton, Darcy Legros and Murray Perelman; Nova Scotia title advice was provided by McInnes Cooper's Lindsay Hawker.

Gibralt corporate advice was provided by David Margolus and Susan Clapp of Witten LLP and Carl Pines of Owen Bird Law Corporation.